Ford (F) is up substantially this morning on rumors floating around that one of the rating agencies is about to upgrade the company's credit rating, which could save Ford billions of dollars in refinancing costs in the upcoming months. Looking at the daily chart, to trigger upside acceleration, F has to hurdle 7.40, which should propel prices above 7.60 on the way towards 8.50.

I added it to my model portfolio last week at 7.09. Only a decline that breaks the October low at 6.61 will compromise the current positive technical set-up.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.